LI - Why NIO XPeng and Li Auto Shares Jumped Monday Morning
2023-04-17 11:48:31 ET
Shares of Chinese electric vehicle (EV) makers were soaring Monday morning after one company made a presentation over the weekend detailing the future of EV manufacturing at lower costs. XPeng (NYSE: XPEV) made the news, and its stock was higher by 13.1% at 11:05 a.m. ET after spiking more than 15% earlier.
NIO (NYSE: NIO) and Li Auto (NASDAQ: LI) are two other Chinese EV makers that are also higher on the news. NIO and Li shares had moved up by 6% and 5.2%, respectively, at that time.
Yesterday, XPeng unveiled its latest vehicle production platform, with company chairman and CEO He Xiaopeng saying it will deliver "faster software upgrades, stunning cost savings, and elevated product experience." Investors are clearly focusing on the potential for cost savings as competition in China and elsewhere grows. Tesla has been cutting vehicle prices, making it more difficult for early-stage companies like XPeng, NIO, and Li to reach profitability.
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Why NIO, XPeng, and Li Auto Shares Jumped Monday Morning